This project looks at Illusion and reality of press freedom in the post freedom of information act era in south west Nigeria. This study was guided by the following objectives to ascertain the level of commitment of media owners and employees (Journalists) towards ensuring effective gathering and dissemination of information in the country, to identify the problem affecting press freedom in the information act era in South West Nigeria and to aim at actualizing absolute press freedom in Nigeria. Literature materials from erudite scholars were reviewed and analyzed. The theories used for this project are Development Media Theory and Libertarian Theory. In getting the response from the respondents, questionnaire was employed as the primary source of data. The questionnaire is divided into two sections. Section A contained questions aimed at knowing the respondents bio-data while Section B contained research questions aimed at achieving the research objective. To know this, 150 copies of questionnaires was administered to critically examine the topic. The study concludes that if a nation must experience development, it must not adhere to material advancement, threats, restrictions and corruption, instead, it should conform to growth, progress and freedom. Press must therefore be free of all sorts of constraints so that press freedom will be made an absolute reality in Nigeria. Also, the government must make sure that the economy of Nigeria is stable so as to meet up with other developed countries across the world. The government should not dictate for the media what to do and or where to cover events. .